Swedbank, Coral Beach hearing is called off
A Supreme Court hearing expected to put Coral Beach Club in receivership by mortgagee Swedbank was postponed yesterday.
Swedbank AB New York Branch versus Brickman Properties was due to be heard in Commercial Court at 11am, but it is understood it was cancelled due to legal issues over documents.
With the receivership looming, Coral Beachs future as a private club remains unclear.
New York-based Brickman purchased the CBC and Horizons leases from ultimate owners, George Wardmans company, with a loan which ended up being held by Swedens Swedbank.
As part of the lease purchase, Brickman also agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease,.
A group of members has been looking at buying the club, but it is understood Swedbank will only sell the two leases as a package.
Teen watched as gang raped her friend
Ex-gangster wanted to turn his life around
Sun, sea, sand and sexual misconduct
A sneak peek into hotel’s future
Bermuda facing brain drain
Elsbeth Gibson’s son dies in the US
‘Desmond’ the shark released back into ocean
Blast victim: I’m lucky to be alive
Capital G Bank rebrands as Clarien Bank
Brown tops leadership poll
City signs $100k PR deal
Gun witness claims she lied to police
New job finder site launched
Conviction overturned despite guilty plea
Fahy defends Corporation stance
Take Our Poll